Economy

Fuelled by the ongoing state infrastructure investment drive, non-oil private sector growth was estimated at 9.4% in 2013. The Kingdom posted a budget surplus of $54.9bn in 2013, or 7.4% of GDP, driven largely by oil exports, which averaged 7.54m bpd over the course of 2013. Efforts are under way to boost the employment of nationals and make the most of Saudi Arabia’s young population, and healthy trade ties with countries around the world continue to benefit the economy. Improving access to finance for SMEs remains a priority. This chapter contains a viewpoint from Ibrahim Al Assaf, Minister of Finance, and interviews with Adel Fakeih, Minister of Labour, and Lim Hng Kiang, Singapore Minister for Trade and Industry.

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